WTI Crude prices have puked back all the "yay we have a new Saudi Oil Minister" algo-buying gains and even with just modest strength in the USD Index, the bloodbath overnight in Chinese commodity markets appears to be spilling over. Gold and Silver are also being punished as commodity currencies collapse.

Copper clubbed in China trading but fading more as US opens. Crude gave it all back and PMs stumbling as JPY strengthens significantly

Of course, there is another factor one must weigh as to why Crude is crashing... Gartman!!

Following Donald Trump's Thursday comments that rising interest rates would be disastrous for the economy, saying that "we're paying a very low interest rate. What happens if that interest rate goes up 2, 3, 4 points?" hinting that the U.S. should "renegotiate longer-term debt" with creditors and that if the economy crashes he "can make a deal", various media outlets went to town on Trump, most notably the NYT, which took Trump to task:

A young man has accidentally destroyed the statue of Dom Sebastiao in Lisbon. The 24-year-old climbed a facade to snap a selfie with the 16th century Portuguese crusader king when the statue became loose causing it to fall to the ground and shatter.  New York Post reports: The man, whom police did not identify, accidentally toppled Dom Sebastiao’s statue after climbing up to its pedestal outside the ornate Rossio railway station in central Lisbon just before midnight on Tuesday. He tried to flee the scene but police caught him. He will appear before a judge at a later date.

Authored by Satyajit Das (Author of A Banquet of Consequences), via The Independent,

There are a number of potential triggers to a new crisis.

The first potential trigger may be equity prices.

Following this weekend's news that the massive Calgary fire, while still spreading, may soon be under control courtesy of some wet weather and favorable winds, as well as the stunner from Saudi Arabia that Ali al-Naimi was out, replaced with a puppet of the hawkish deputy drown prince Mohammed bin Sultan - a succession many saw as bearish for future oil prices - algos had refused to give up on recent momentum, and pushed WTI just why of $46/bbl overnight.